Independent equity research
Is Cambricon Technologies (688256) a Buy, Hold or Sell?
Cambricon Technologies — our independent, AI-built valuation and rating, in brief.
SELL (reduce)
12-mo fair value
¥330.00
To fair value
−68%
By · report dated 2026-08-16 · fair value derived independently of the market price.
The thesis, in brief
At CNY1,093 the shares embed ~4.6x our base-case cash flows. Q2 2026 revenue grew just 7.84% QoQ, inventory is 45.3% of total assets at 671 days, and H1 operating cash flow was 0.135x net income. If FY2026 revenue lands at or below the company's own CNY13.5bn incentive-plan floor, the 92x 2027E multiple breaks
How we value it
We value Cambricon Technologies using 10-yr DCF on unlevered FCF, 3 scenarios 25/50/25, WACC 12.0%, g 3.0%. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Cambricon Technologies report
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